Israel-based Wix joins a rising listing of corporations asserting layoffs citing “the quick evolution” of AI. (That list contains Meta, Cisco, Groupon, and Intuit, in simply the previous couple of weeks.)
It additionally stated a weak greenback, making a poor trade charge with the Israeli shekel, was accountable.
Wix, a website builder, stated Thursday that it’s shedding roughly 20% of its workforce, in a post from CEO Avishai Abrahami on X and LinkedIn. (That’s about 1,000 people, based on CNBC, which reported that Wix had 5,277 staff as of Could.)
“We’ve witnessed essentially the most important shift in how corporations are constructed for the reason that invention of contemporary programming languages within the Seventies,” the submit stated. “This isn’t nearly adopting new instruments – it’s about rewiring how corporations are constructed, how they assume, how they handle and the way they function. Firms that embrace this alteration won’t solely construct sooner; they’ll construct issues the earlier era actually couldn’t have imagined.”
Abrahami additionally cited the poor trade charge between the Israel shekel to the U.S. greenback. The Israeli forex has considerably strengthened prior to now few quarters towards a weakening greenback, and the shekel is up nearly 30% towards the dollar during the last yr.
“As the vast majority of our groups are Israel-based, a really significant portion of our prices are shekel-denominated, whereas our income is essentially dollar-denominated,” Abrahami defined on X. “This creates a structural strain on our means to function at our present scale. It’s a actuality that straight shapes what’s sustainable for our firm.”
Shares of Wix.com Ltd. (Nasdaq: WIX) have been up lower than 1% in noon buying and selling on Thursday on the time of this writing.
Wix went public in 2013 with a high-profile public providing, however has struggled in newer years. For the reason that starting of 2026, its shares have slid practically 50% on the Nasdaq trade, Reuters reported.
Wix reported poor first quarter 2026 earnings on Could 13, missing analyst estimates by a considerable mark on income, adjusted earnings per share (EPS), and working revenue.
Income got here in at $541.2 million, falling wanting the anticipated $543.6 million, whereas the adjusted EPS of $0.68 missed expectations of $1.22, off by 44.2%. Working margin was within the crimson at -12.9%, down from 7.9% in the identical quarter final yr.
